Bitcoin showed modest gains on Monday, climbing 0.9% to $83,893.2 by 02:06 ET (06:06 GMT). The rise came after a roughly 2% drop last week, partly driven by outflows from spot U.S. exchange-traded funds (ETFs). The cryptocurrency's recovery followed a broader improvement in risk-driven markets, supported by a dip in oil prices.
Oil prices fell nearly 2% on Monday after U.S. President Donald Trump announced an “energy ceasefire” between Russia and Ukraine. Although neither Moscow nor Kyiv confirmed the ceasefire, the announcement fueled hopes for improved global oil supplies. This easing of inflation concerns helped boost Bitcoin and other risk assets.
Spot Bitcoin ETFs recorded significant outflows, totaling $681 million in the week to October 9, the worst since late June. This trend highlighted a sluggish start to October for Bitcoin, despite its historical tendency to perform well in this month, a phenomenon known as “uptober.”
Broader crypto markets also advanced on Monday, with Ethereum rising 2.4% to $2,566.45 and Solana gaining 1.1%. Other altcoins like Polkadot and Cardano climbed over 2%, while Dogecoin and Shiba Inu added 2.4% and 3%, respectively.